BitForex

BitForex is a platform that offers clients a comfortable environment for trading cryptocurrencies. The exchange appeared back in 2017 and continues to actively develop.

In our review, we will take a closer look at the features implemented by the project and find out if BitForex is a scam or a reliable service for trading cryptocurrencies.

 

Why BitForex?

BitForex is a relatively young exchangeThe organization provides services internationally, as evidenced by the multilingual interface of its website. The organization provides services at the international level, as evidenced by the multilingual interface of the site. The main target audience of the platform are customers who are interested in online trading in cryptocurrency and cloud mining (How to Make Money on Cryptocurrency?). The project is headquartered in Singapore, but the place of registration is in the Seychelles. There are also divisions of offices in Germany, Estonia and several Asian countries. The team consists of highly qualified professionals who have experience in global companies. At the moment, the service has more than 3,500,000 users.

The organization offers its clients favorable and comfortable conditions for cooperation. The exchange offers users high liquidity, support for a large number of coins (over 300), as well as security and stability, which provide a favorable environment for work. The platform uses modern technologies, so the system is capable of processing up to 1,600,000 operations per second, which eliminates various bugs in the work of the site bitforex.com.

The company also has its own coin, which the developers are currently using to attract new users to the project. In the future, owners of BF tokens will receive privileges. For example, the voice of the owners will have a higher value when deciding important issues. Also, the platform provides for merchant mining. This means that customers will receive commission compensation in the form of BF coins. This type of mining is available in three pairs – BTC/USDT, BCH/USDT, ETH/USDT. Trading is done through a simple and intuitive website bitforex.com (Cryptocurrency Trading Strategies). The trading page has a classic look for most crypto exchanges. On the page, you can use the presented tools, make trades, view the history of orders and get acquainted with charts.

There is also futures trading. The button to switch between crypto and derivatives trading is located in the trading terminal itself. In the futures trading mode, leverage up to 1:20 is available. The platform has a number of advantages:

• security;
• low commissions;
• integration with Trading View;
• a large number of cryptocurrencies;
• mobile application;
• user-friendly and intuitive interface.

Owners of crypto exchanges know that it is important for many clients to have constant access to the exchange. That’s why a mobile app was created for users, which allows them to trade 24/7. The app can be downloaded for both iOS and Android systems.

 

How to exchange cryptocurrency on BitForex platform?

At the moment, the exchange can only make an exchange in crypto/crypto format. That’s why to exchange cryptocurrency for real money, the client can use one of the ways:

• transferring money from a cryptocurrency wallet to bank card with the help of third-party resources;
• output via exchanger.

 

Verification on the bitforex.com platform

Before starting verification, it is recommended that the user enable two-factor authentication. To do this, you need to create an additional trading password and link your phone number for security. To connect 2FA it is necessary to:

• download Google Authenticator on your phone;
• go online bitforex.com two-factor authentication connection window;
• Open the Google Authenticator on your phone and go to add an account;
• scan the QR code and add it to your profile;
• enter the six-digit code generated by the smartphone program in the “Code” field.

Before you start verification, be sure to copy the code below the barcode. It will come in handy when recovering 2FA if you lose your phone. Verification is not a mandatory process, but it is recommended to pass it in order to strengthen your account security. The daily withdrawal limit does not depend on the verification. To start verification, you need to go to the appropriate section in your profile and specify the following information:

• name and surname;
• A document that can prove your identity (passport, driver’s license or ID-card);
• country and region;
• document number;
• the period of validity of the document.

It is also necessary to upload selfies where the client is holding his passport and a sheet with the current date/signature or the front side of the driver’s license. Then the client needs to click on the “Confirm” button and wait for the results of verification. Usually the data processing takes 1-2 business days.

 

Deposit and withdrawal

To make a deposit, you need to do the following steps:

• choose a coin;
• click on the “Deposit” button to get the address;
• transfer money from the crypto wallet to the exchange account.

The obtained address can only be used for this coin, as a transaction of another cryptocurrency through this account will result in the loss of funds.

Withdrawal of funds

In order to make a withdrawal, it is necessary to make sure that the amount requested does not exceed the daily threshold of a given coin, and is not below the established minimum, which can be seen in the “Commissions” section. There are also some nuances of working with the platform to consider:

• it is impossible to withdraw funds within three days after the password has been changed;
• You cannot withdraw funds if two-factor authentication or SMS confirmation is not activated.

Next, the client must select the type of token to withdraw and enter the address for the withdrawal. If there is no data in the list, you can add a frequently used address yourself. After selecting, it is necessary to click on the “Send” button and go through the authentication procedure. After the request is confirmed by the employee, the money will be transferred to the specified account.

Cryptoexchange Commission

There are two types of commissions on the exchange.

Trade commissions

• per spot – 0.1% for makers and takers;
• for an indefinite contract – 0.04% for makers and 0.06% for takers.

Withdrawal fees

The advantage is that the platform has no commission for depositing funds. The withdrawal fee is fixed and directly depends on the current state of the network of a particular cryptocurrency.

 

BitForex bonuses

The company has developed a system of bonuses for active customers.

Bonus for mobile app users

Users can get a $10 bonus by installing the Bitforex mobile app and linking their phone number. The bonus is credited to the BTC contract account, after which the funds can be used to trade perpetual contracts.

Video contest

Especially for Russian-speaking users a video contest has been developed. The conditions are as follows:

• traders participating in the contest must be registered on BitForex and trade open-ended contracts on the exchange platform;
• explain trading strategies in detail, share experiences and publish videos on Youtube;
• you need to fill out and submit the document in google form.

Winners receive a reward:

• first place – 600 USD;
• second place – 500 USD;
• third place – 400 USD;
• 20 traders will receive a reward for participation – 30 USD.

You can read more about the contest terms and conditions, as well as the rewards, at bitforex.com.

Plain Rate

The platform provides customers with the opportunity to earn passive income on the following coins: EOS, TRX, ATOM, VSYS, TOMO, TPAY, credit, EOSC and BNB. Rewards are issued in one-month intervals. To receive rewards, users need to save tokens in a wallet or spot account.

Affiliate Program

The company offers special cooperation conditions for successful traders. Clients can attract referrals and get additional income up to 50% for spot trading and up to 30% for open-ended contracts. There is a three-level referral program on the site.

Users are also offered a premium commission and discount package called “Knight”. In order to participate in the affiliate program, the client must provide proof of experience. Also, the user must be able to write recommendation, review and training articles or be a blogger. In turn, the company provides a number of benefits:

• Welcome bonus VTS equivalent of $ 50;
• Knights” program participants get access to passive referral income up to 30%, as well as to an exclusive BitForex interface;
• participation in international events, activities and promotions that are not available to ordinary traders.

 

Reviews of BitForex

Since the exchange has been in existence for two years, you can find a large number of reviews on the Internet from clients. In general, users are satisfied with the conditions provided by the platform for cooperation. From the positive aspects, customers point out the low commissions and a large number of cryptocurrencies. Advanced traders note that the exchange lacks advanced features, such as margin trading or trading with leverage, which is a disadvantage.

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Regulation of BitForex crypto exchange

The financial sector is one of the most popular for fraudsters, which is why it is extremely important to carefully check the availability of the license and relevant documentation on the company’s website. Let’s take a closer look at how Bitforex is regulated.

Regulator

The Bitforex project is headquartered in Singapore, but legally the platform belongs to the Seychelles, as it was registered there. The owners claim that the advantage of working with the platform is an EU exchange license, but there is no evidence of the relevant license on the website. bitforex.com No.

• Read the terms of service on the website bitforex.com
• View API documentation on GitHub

Bitforex.com User Agreement

The “User Agreement” is the main document of the project, which every user should read before starting cooperation. The agreement contains information about the rules of working with the platform, as well as the responsibilities of clients and organizers. Let’s consider some points in more detail.

The agreement specifies that these terms and conditions may be changed or updated by the company at any time and without prior notice to users. The client should periodically check the changes on his own. The company notifies of changes by posting the terms on the web resource and changing the date of the last update at the top of the document or by sending users a letter to the specified email address or in any other way determined by Bitforex at its discretion.

The client must be aware of the fact that trading in digital assets is very risky and therefore it is necessary to soberly assess whether the financial situation is also suitable for buying, selling or trading cryptocurrency. The use of Internet systems also involves risks, including, but not limited to, software and hardware failures. Due to the fact that the company cannot control the reliability and availability of the Internet, the organizers absolve themselves of responsibility for any distortion, delays, communication line failures and even loss of cryptocurrency.

The company tries to provide quality services on time, but there is no guarantee that access will not be interrupted or that there will be no delays, glitches, errors, omissions, or loss of transmitted information. Organizers closely monitor the security of the Web site and service to protect the customer’s account and the security of assets. In case of suspicious activity related to the user’s account, the administration has the right to request additional information from the client, including authentication documents and block all transactions pending. An investigation will then be conducted to determine whether the account should be unblocked or permanently closed. During the investigation, deposits, withdrawals and trading will be disabled. If the organizer decides to close the account, the user will be allowed to withdraw all legally owned funds.

To the extent permitted by law, Bitforex is not liable for any of the following losses: loss of income, loss of transaction profits, business interruption, loss of opportunity, loss of data, indirect or direct loss, unless the loss was caused by negligence, intentional deception or fraud.

Customer Service

You can contact the support service by one of the suggested options:

• email: [email protected];
• online chat;
• feedback form.

A separate section has also been developed for users, where you can find answers to the most popular questions.

 

Is BitForex a scam?

BitForex – is an exchange that appeared in 2017 and has managed to gain popularity among users around the world. At the moment, the project has more than 3,500,000 participants. The main office of the company is located in Singapore, but the organization is registered in the Seychelles, where the regulation is carried out. The service provides its customers with simple and at the same time comfortable conditions for cooperation. The platform has more than 300 types of cryptocurrencies with which the client can work. Also, users have access to various charts and a large number of tools for work.

The trading process is carried out through the website bitforex.com, which has an intuitive interface. Verification in the project is not mandatory and does not affect the maximum amount that a client can withdraw, but the company still recommends verification to protect your account in the future. The entire process takes from one to two business days. Various bonuses and contests are provided for active clients. Also, for those customers who want to earn extra income, an affiliate program was developed where the user can get not only a percentage of commission, but other bonuses. For clients to have constant access to trading, the developers have made a mobile application. Both Android and iOS versions are available.

The platform has existed for more than two years and is popular, so you can find a large number of reviews from users on the Internet. In general, the company has a positive reputation among customers. Having studied the opportunities that the platform provides, is it possible to claim that Bitforex is a scam and swindlers? No, because the company successfully operates on the financial market and provides its services.

 

Conclusion

BitForex – is a relatively young exchange that provides customers with the opportunity to trade cryptocurrency. Although the project has only existed for two years, it has already managed to gain popularity among users around the world and continues to actively develop. The platform offers favorable conditions for cooperation, which makes it even more attractive. However, this type of trading is quite risky. That’s why you should familiarize yourself with the rules before starting to work with the company. If you were or are a client of the service, leave your independent opinion on our website.